Real estate is one of the most profitable businesses that an individual can get into for stability. According to a National Association of Realtors report, the average real estate agent in the United States earns over $100,000 yearly.
Not only is real estate a high-income earning profession, but it is also a very stable one. In fact, over the past 50 years, the value of the real estate has increased by approximately 2%. This means that you will earn a good income while working in the industry, and your investment will continue to grow.
Still, you might want to consider improving your real estate properties before selling them to make a significant profit over time. The strategy refers to flipping properties where you buy real estate, improve it and then resell it at a higher price. There are various ways to go with this strategy, such as remodeling, renovating, or even building from scratch. Here are a few projects you can consider to improve your real estate investments.
Curb Appeal Improvements
One of the best ways to increase the value of a real estate property is to improve its curb appeal. This means changing the landscaping, exterior paint, porch, and other features visible from the street.
According to a study by the National Association of Realtors, homes with great curb appeal can sell for up to $20,000 more than those with an average one. This is because a well-maintained exterior gives potential buyers the impression that the property has been well-cared for and improved.
If you are looking to sell your property shortly, consider upgrading its curb appeal with some simple projects such as:
- Replacing the doorknob and mailbox
- Updating the porch light or adding new exterior lighting
- Painting the exterior in a fresh, neutral color
- Mulching and adding plants or flowers to the landscaping
If you have more in your budget, consider a complete remodel of the exterior, including new windows and siding. You can also install amenities such as a patio or deck to increase the property’s value.
Kitchen Remodel
The kitchen is one of the essential areas of a home. It is where we cook and eat meals and is often used as a gathering place for family and friends. That’s why it’s essential to regularly update your kitchen with new cabinets, appliances, and countertops.
According to a National Association of Realtors study, homes with updated kitchens sell for approximately $5,000 more than outdated ones. A well-designed kitchen can make your home more appealing to potential buyers.
If you are thinking of selling your home shortly, consider upgrading your kitchen with some of the following projects:
- Replacing old cabinets with new ones
- Installing a new granite or quartz countertop
- Upgrading to stainless steel appliances
- Replacing the flooring with a new hardwood or tile floor
If you have more money to invest, you might want to consider a complete kitchen remodel, which can increase the value of your home by up to $20,000. The top priority should be switching from gas-powered to electric appliances, which have become increasingly popular in recent years. Moreover, they will be the more sustainable choice for potential buyers.
Home Automation
The world is becoming increasingly connected and more reliant on technology. That’s why home automation projects are becoming increasingly popular among real estate investors.
Home automation refers to using automated systems to control various household functions such as lighting, temperature, and security. You can also use it to manage energy efficiency and automate tasks such as watering plants or turning off lights when no one is in the room.
According to a study by Pacific Northwest National Laboratory, installing home automation systems can increase the value of your property by up to 10%. Additionally, it can make your home easier to sell since you will attract potential buyers to its modern features.
If you want to install a home automation system in your house, consider some of these projects:
- Installing a smart thermostat to automate temperature control
- Adding energy-efficient LED lighting systems
- Installing a smart security system with cameras and door locks
- Integrating automated window treatments for light control
If you have more money to invest, consider installing solar panels or an electric car charging station to make your home more appealing. These will also be beneficial in terms of energy efficiency and sustainability.
Final Thoughts
Flipping a house can be a great way to make money. However, it requires a lot of research, planning, and effort. To increase the value of your property, consider investing in some remodeling projects, such as upgrading the curb appeal, remodeling the kitchen, and installing home automation systems. Doing so will attract potential buyers and help you get a higher return on investment.
